Ondo Finance has filed a no-action letter application with the SEC regarding its OGM tokenized equity.

According to its official blog, Ondo Finance has submitted a no-action letter to the U.S. Securities and Exchange Commission (SEC), seeking confirmation that it can record and manage the securities interests related to Ondo Global Markets (OGM) in tokenized form on the Ethereum mainnet without altering the existing securities legal framework. OGM will remain a tokenized note linked to U.S. stocks and ETFs for non-U.S. investors. The underlying securities and official ledger will continue to remain within the existing custody and clearing system. Only under specific circumstances will the custodian, BitGo, hold the corresponding securities interests on-chain for operational optimizations such as staking monitoring, redemption processes, and reconciliation. Ondo states that this application aims to improve record-keeping and operations, rather than rewriting the market structure or launching entirely new products.